The new site, Gaopeng.com, will enter a Chinese group-buying market already dominated by similar sites. Gaopeng is backed by major Chinese investors including Tencent Holdings Ltd. and Yungfeng Capital. The company did not reveal the breakdown of shareholders.

Groupon made headlines last December when it rejected a $6 billion offer from Google Inc.

Photo Courtesy - Getty Images(CHICAGO) -- An internal memo sent to staffers at Chicago-based coupon giant Groupon Inc. revealed that the company's profits skyrocketed in 2010 to $760 million, up from $33 million the year before, according to the Wall Street Journal.

The email, sent by Groupon chief executive Andrew Mason, also gives a glimpse into the aspirations of a company whose first coupon offered half-price pizzas at the joint on the first floor of its Chicago headquarters.

"By this time next year, we will either be on our way to becoming one of the great technology brands that define our generation, or a cool idea by people who were out executed and out innovated by others that were smarter and harder working," Mason wrote in the message.

Mason added that the company, which offers daily deals and discounts, may be on track to reach revenues in the billions of dollars in 2011. And much of that may come from beyond our borders.

According to the memo, overseas sales accounted for more than a third of total revenue last year, or about $285 million. Fitting, then, that the company is poised to expand operations.

According to published reports, the company is teaming up with one of China’s largest internet companies, Tencent, to launch a discounted goods website based in Beijing.